TaxTMI 
TaxTMI 
2025 (12) TMI 62
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....ed the following grounds of appeal: 1. The impugned order passed by the Learned CIT(A) and AO, to the extent prejudicial to the Appellant, is not justified in law and on the facts and circumstances of the case. 2. The learned CIT(A) has erred in law and on facts in upholding the order of the Learned AO. 3. The learned CIT(A) and AO have erred in law and on facts in passing the orders against the principles of natural justice. 4. The proceedings are time-barred and therefore the Ld.AO/CIT(A) have erred in law and on facts in not quashing the order as bad in law; 5. The learned CIT(A) and AO erred in ignoring the fact that the appellant was a fruit dealer and thereby passing the order without appre....
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....0/ -; 15. The impugned adjustments being merely based on presumption and surmises are to be deleted. 16.The Ld.AO/CIT(A) have erred in law and on facts in not discharging the secondary onus in a cogent manner by referring to evidences, etc. 17.The order is unreasonably high-pitched for liable to be quashed in its entirety. 18. The Learned CIT(A) and AO have erred in raising demand vide issue of notice under section 156 of the Act. 19. The Learned CIT(A) and AO have erred in fact and in law in levying interest under section 234A and B of the Act. On the basis of the above grounds and other grounds which may be urged at the time of hearing with the consent of the Hon'ble Tribunal, it i....
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....70250523 and accordingly notice u/s 143(2) of the Act dated 26.5.2023 was also issued to the assessee. 3.1 The assessee during the course of assessment proceedings, submitted that the assessee is not a street vendor and therefore, the provisions of Karnataka Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act & Rules, 2016 are also not applicable. The assessee filed an affidavit before the AO as the assessee was not in possession of any evidence to prove that he is a fruit dealer. Further, during the assessment proceedings, the AR of assessee had uploaded a letter by furnishing the name and address of four parties who have identified that the assessee is a fruit vendor. 3.2 Th AO however did not consider the....
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....ources" and the also deduction claimed under Chapter VIA u/s 80TTA of Act amounting to Rs. 10,000/- was also not allowed to the assessee. 4. Aggrieved by the order of AO passed u/s 147 r.w.s. 144 of the Act, the assessee preferred an appeal before the ld. CIT(A)/NFAC. 5. The ld. CIT(A)/NFAC dismissed the appeal of the assessee by holding that accepting of cash is totally against RBI notification. Further, the assessee had ignored the facts that transactions were not permitted except in limited number of circumstances clearly laid down as per the relevant guidelines. Further, the assessee only claimed about his business nature but he did not clarify about the unexplained cash deposit in 3 bank accounts. Lastly, ld. CIT(A)/NFAC pointed ....
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....der of the authorities below and vehemently submitted that assessee could not produce any evidences before the authorities below to substantiate his claim of being a fruit dealer and accordingly the sources of cash deposits could not be established. 9. We have heard the rival submissions and perused the materials available on record. On going through the assessment order, we take note of the fact that the AO did not accept the contention of the assessee to be a fruit dealer since no corroborative evidence was submitted by the assessee and accordingly held the entire cash deposits of Rs. 1,29,16,984/- as unexplained cash credits of Rs. 1,29,16,984/- u/s 68 of the Act. The reasons for reopening the case was that the assessee had made cash ....
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....thus declared total gross receipts of Rs. 92,80,000/-. The assessee had declared the net profit of Rs. 8,18,588/- which includes the saving bank interest of Rs. 76,188/-. Thus, we noted that the assessee had declared exact 8% Net Profit [7,42,400/92,80,000*100]. We also take a note of the fact that during the course of the assessment proceedings, the assessee filed an affidavit by stating that he is a fruit dealer and his regular business is buying fruits from farmers and sell them to wholesalers. Further, we also take note of the fact that during the course of assessment proceedings, the assessee had also produced names of 4 fruit dealers who have identified the assessee as a fruit dealer. Further, the assessee had also submitted confirmat....